Governor signs Brown's bill to reduce debt into law

Friday

Jun 14, 2013 at 2:42 PM

RALEIGH | Gov. Pat McCrory signed Senate Bill 129 into law Wednesday, marking an end to a three-year effort led by Rep. Rayne Brown, R-Davidson, to reduce the amount of debt the State of North Carolina can issue without voter approval.

RALEIGH | Gov. Pat McCrory signed Senate Bill 129 into law Wednesday, marking an end to a three-year effort led by Rep. Rayne Brown, R-Davidson, to reduce the amount of debt the State of North Carolina can issue without voter approval."When I ran for the North Carolina House in 2008 and 2010, I promised the voters that I would fight against the out-of-control debt that our state was acquiring," Brown said in a press release. "For three years, I have done so. I am thankful that with this bill becoming law, we have greatly reduced the amount of non-voter-approved debt in our state."The bill sets limitations on when the state can use special indebtedness, under the Capital Facilities Act, to issue new debt without voter approval.. The North Carolina Constitution requires the voters to approve any new debt the state takes on. Since 2001, however, previous leaders in both the legislative and executive branches have relied on "special indebtedness" to circumvent the authority of the voters, and debt has skyrocketed. Brown has been a vocal opponent of the process since she entered public office."For too long, politicians in Raleigh have ignored the Constitution because they knew North Carolinians wouldn't approve of their reckless fiscal policies," Brown said. "This bill empowers the voters, protects our economic integrity and upholds the Constitution. I am honored to have had such a leading role in its passage into law."